Core Viewpoint - China is significantly increasing its exports to countries along the Belt and Road Initiative (BRI), with over 40% of its trade surplus in 2025 coming from these nations, surpassing its trade surplus with the United States [2][6]. Group 1: Trade Dynamics - In 2025, the proportion of China's trade surplus with the United States dropped to 24%, a decrease of over 10 percentage points from 2024, marking a significant decline from over 90% in 2018 [2][6]. - Exports to BRI countries grew by 11.6% year-on-year in the first 11 months of 2025, outpacing the overall export growth rate of 5.4% [5]. - The trade surplus with BRI countries reached approximately $480 billion in the same period, accounting for 45% of China's total trade surplus, an increase of 16 percentage points from 2024 and the highest since 2013 [5][9]. Group 2: Investment Trends - China's investment in BRI countries, including construction contracts, reached $124 billion in the first half of 2025, the highest since 2013, with a notable increase in investments in resource-rich African nations [9]. - The Chinese government is focusing on enhancing its influence through infrastructure and decarbonization investments in BRI countries, particularly in Southeast Asia and Africa [4][9]. Group 3: Geopolitical Context - The ongoing trade friction with the United States has led China to strengthen its trade relationships with countries outside the U.S., particularly in Asia, such as Vietnam and Cambodia [8]. - Following a temporary reduction in tariffs after a summit in October 2025, the impact of U.S.-China trade tensions continues to affect China's export strategies [8].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

本报讯 记者赵萌报道 近日，进出口银行为中老铁路动车租赁项目提供金融支持。该项目是海南自 贸港首单铁路动车跨境租赁项目，旨在提升中老铁路客运能力，改善老挝当地居民出行条件，并带动沿 线区域经济发展。 据悉，中老铁路作为两国合作旗舰项目，开通4年来已累计运送旅客6250万人次。随着客流持续增 长，老挝段运力趋于紧张，出现了"一票难求"的现象。本次动车租赁项目落地后，中老铁路日均客运能 力预计提升1300余人次，列车运行频次提高15%。同时，海南自贸港税收优惠政策以及项目"轻资产、 长周期"的租赁模式，能够帮助企业大幅降低初期投资和运营成本，有效缓解资金压力。下一步，进出 口银行将继续发挥专业优势，用好用足各类优惠政策，以优质高效的金融服务助力共建"一带一路"高质 量发展。 责任编辑：袁浩 ...

Core Insights - China has maintained its position as Thailand's largest trading partner for the 12th consecutive year, with direct investment in Thailand increasing by 42% year-on-year in the first half of 2025, significantly contributing to foreign investment growth in Thailand [2][3] - Thailand is transforming from a tourism-centric economy to a hub for electric vehicles, digital economy, modern logistics, and high-end manufacturing, driven by Chinese capital, supply chains, and business models [3][4] Trade and Investment Landscape - In 2024, Thailand's industrial value added reached approximately $169.1 billion, with manufacturing value added at $128 billion, reflecting a structural shift towards high-value manufacturing [4] - The "Thailand 4.0" strategy, launched in 2016, aims to enhance high-value industries, with the Eastern Economic Corridor (EEC) attracting over 3.8 trillion Thai Baht (approximately 760 billion RMB) in global investment, of which Chinese investment accounts for 32% [4][5] Industry Opportunities - Thailand has strong foundations in traditional automotive, electronics assembly, and agricultural processing, but lacks in high-end sectors like electric vehicle batteries and semiconductors, which aligns with China's supply chain advantages [6] - The production of pure electric vehicles (BEVs) in Thailand exceeded 105,000 units in the first nine months of 2025, marking a 38.5% year-on-year increase, with major Chinese companies establishing manufacturing bases in the EEC [11][12] Consumer Market Dynamics - Thailand's middle class has reached approximately 27 million people, accounting for 38% of the total population, and is expected to surpass 40% by 2025, with a shift in consumption patterns towards experience and quality [19][20] - The e-commerce market in Thailand is growing at over 25% annually, with a projected market size of $28 billion by 2025, driven by a young, digitally-savvy population [24][25] Infrastructure Development - Thailand ranks 34th globally in the World Bank's Logistics Performance Index, with significant investments in infrastructure reducing logistics costs by 20%-30% compared to other regions [27][30] - The government has invested approximately 1.5 trillion Thai Baht in infrastructure, enhancing the country's position as a transportation hub within ASEAN [30][29] Cultural and Operational Challenges - Despite attractive foreign investment policies, operational challenges exist, including lengthy approval processes and strict compliance requirements, necessitating strong local partnerships and compliance teams [35][42] - Cultural factors, such as the influence of Buddhism on business practices, require companies to adopt a more patient and respectful approach to management and marketing strategies [37][39] Competitive Landscape - Japanese companies dominate the automotive and home appliance sectors in Thailand, while South Korean firms focus on mid-to-high-end markets with smart technology [40][41] - Chinese enterprises face significant competition in traditional manufacturing sectors, requiring a deep understanding of local ecosystems and consumer habits to succeed [42][43]

Group 1 - The core viewpoint of the article emphasizes the importance of the Communist Party's comprehensive leadership as a fundamental guarantee for the stable and long-term development of China's economy and society during the "14th Five-Year Plan" period [1] - The article outlines the necessity of adhering to the "six persistences" principle during the "15th Five-Year Plan" period, with a focus on the Party's leadership as the primary principle [1] - It highlights the role of the Party in integrating social resources and coordinating interests to achieve the goals set in the "15th Five-Year Plan" [1] Group 2 - The article stresses the need for political loyalty to ensure that the development during the "15th Five-Year Plan" proceeds in the correct direction, emphasizing the importance of aligning with the central leadership [2] - It calls for strengthening theoretical education to provide scientific guidance for the "15th Five-Year Plan" development, particularly through the application of Xi Jinping's thought [3] - The article discusses the importance of improving institutional guarantees to enhance the Party's leadership capabilities and governance effectiveness [4] Group 3 - The article emphasizes the need to build a strong cadre team capable of fulfilling the responsibilities of national rejuvenation, focusing on political standards and practical experience [4] - It highlights the importance of focusing on central tasks to turn the "15th Five-Year Plan" development blueprint into reality, including promoting a modern economic system and addressing public service needs [5]

Core Viewpoint - Shantou is leveraging its commercial heritage to enhance trade networks and stimulate economic growth, focusing on both internal and external trade collaboration [1][2] Group 1: Trade Network Development - Shantou is accelerating the construction of a trade network that is both internally connected and externally accessible, enhancing the foundation and stability of its commerce [1] - The city has successfully created a synergy between its comprehensive bonded zone, cross-border e-commerce pilot zone, and free trade development area, leading to significant institutional innovations and trade expansion [1] Group 2: Economic Diversification - Shantou is actively promoting various economic sectors, including cultural tourism, food economy, nighttime economy, and concert economy, aiming to provide an enjoyable experience for visitors [1] - The city has introduced over 200 first stores from various regions and cities, establishing unique commercial districts and complexes that blend historical and modern commercial elements [1] Group 3: Industry Support and Attraction - Shantou is supporting local enterprises in sectors such as printed circuit boards, electronic chemicals, health foods, and high-end chemicals to strengthen their brands and market presence [2] - The city has attracted leading companies like BYD and Luxshare Precision, fostering the development of upstream and downstream enterprises within the industry [2] Group 4: Global Trade Expansion - Shantou is utilizing its global network of overseas Chinese to broaden trade channels, exemplified by hosting significant events like the 22nd International Teochew Association Annual Conference and the 10th World Teochew Business Conference in 2024 [2] - The city is embracing new business models, such as "cross-border e-commerce + industrial belt," enabling thousands of companies to sell products globally, particularly in key markets along the Belt and Road Initiative [2] Group 5: Future Vision - Shantou aims to continue its legacy as a commercial hub by building platforms, strengthening key players, and expanding channels to enhance its regional trade vitality and efficiency [2]

Core Viewpoint - The article emphasizes investment opportunities in the AI-driven growth of the equipment manufacturing industry, particularly in AI edge applications and computing infrastructure [1][2]. Group 1: AI Edge Applications - The AI edge sector is expected to see rapid growth, including humanoid robots, smart manufacturing with AI (mobile robots, collaborative robots), and various consumer AI products (e.g., AI smartphones, AI glasses, AI rings) [1]. - This growth will lead to a new cycle of demand for 3C devices and subsequently a new investment cycle in semiconductor equipment due to increased needs for training, inference, and storage chips [1]. Group 2: Computing Infrastructure - Investment in computing infrastructure is crucial for the implementation of AI edge applications. The article predicts rapid growth in AIDC investments, particularly in primary and secondary cooling solutions, recommending investments in chillers and core components like refrigeration compressors and water pumps [1]. - The article also highlights investment opportunities in energy solutions benefiting from power shortages, such as gas-fired power generation combined with heat recovery steam generators (HRSG) and solar-storage systems [1]. Group 3: Export Recovery in Machinery Manufacturing - The article identifies three main drivers for the expected recovery of machinery manufacturing exports by 2026: 1. A recovery in overseas demand due to the anticipated interest rate cuts by the Federal Reserve, which will boost global industrial product demand, particularly in categories related to real estate [2]. 2. Strong infrastructure demand in countries along the "Belt and Road" initiative, with significant growth in the Middle East's natural gas extraction sector, leading to increased exports of domestic oil service equipment [2]. 3. The demand for AI computing power is creating a gap in electricity supply, driving growth in gas turbines and diesel generator sets, as well as increased demand for drilling equipment and materials used in PCB production [2].

Group 1 - The article highlights the deep integration of global technological revolution and industrial transformation, with AI models reshaping industry boundaries, quantum computing overcoming computational bottlenecks, and green technology leading sustainable development [1][18] - Chinese enterprises are accelerating breakthroughs in "hard technology" and transitioning from "Made in China" to "Intelligent Manufacturing in China," driven by digitalization and intelligence [1][18] - The "Belt and Road" initiative and the restructuring of global value chains have led to an upgrade in outbound strategies from mere product exports to comprehensive outputs of technology standards, business models, and cultural values [1][18] Group 2 - The 18th anniversary of the company will be celebrated with the "2025 Investor Conference and Achievement and Glory Ceremony" on January 7, 2026, in Shanghai, focusing on the theme "Time as Evidence, Value Together" [3][20] - The event will gather top economists, industry leaders, and representatives from over a hundred listed companies and financial institutions to explore new industrial opportunities under the waves of technology and global perspectives [3][20] - The conference will emphasize technology empowerment and global vision, showcasing the latest achievements of three strategic alliances: intelligent manufacturing, new energy, and outbound enterprises, along with a public welfare segment exploring innovative applications of AI in sustainable development [3][20]

来源：进出口银行 近日，进出口银行深圳分行作为联合牵头行，成功为阿联酋沙迦酋长国政府筹组并发放人民币银团贷 款。该笔融资是阿联酋主权机构历史上首笔以人民币计价并组建的银团贷款，为沙迦拓宽跨境融资渠 道、降低对单一货币依赖提供了新的实践样本。 在本次贷款筹组过程中，深圳分行充分发挥专业服务优势，主动靠前对接客户需求，高效协同境内外金 融机构，在较短时间内完成了银团组建和授信审批工作，保障贷款资金及时投放。该笔业务的成功落 地，进一步促进了中国与阿联酋之间的经贸合作与金融联通，为"一带一路"共建国家深化人民币跨境使 用提供了有益借鉴，同时也为我国企业"走出去"创造了更加便利的国际化投融资环境。 下一步，进出口银行将继续立足政策性金融职能，持续推进金融产品与服务模式创新，积极助力中阿金 融市场互联互通，为推动共建"一带一路"高质量发展贡献更大力量。 责任编辑：曹睿潼 近日，进出口银行深圳分行作为联合牵头行，成功为阿联酋沙迦酋长国政府筹组并发放人民币银团贷 款。该笔融资是阿联酋主权机构历史上首笔以人民币计价并组建的银团贷款，为沙迦拓宽跨境融资渠 道、降低对单一货币依赖提供了新的实践样本。 在本次贷款筹组过程中，深圳分 ...

Core Insights - The successful arrival of the South Asia freight train in Tibet marks a significant milestone in enhancing trade connections between China and South Asia, with a total cargo value exceeding 230 million yuan in 2025 [1] Group 1: Freight Train Operations - The South Asia freight train from Tibet's Shigatse started operations on December 25, 2025, carrying goods valued at over 6 million yuan, including daily necessities, fabric rolls, and furniture [1] - The train operates under a public-railway combined transport model, improving transportation efficiency by over 30% and reducing overall logistics costs by approximately 20% compared to traditional land transport [1] Group 2: Economic Impact - Since the first train's operation on August 15, 2024, the scale and service capacity of the South Asia freight train have continuously improved, promoting the aggregation of advantageous industrial resources in Tibet and deepening economic ties with South Asia [1] - In 2024, the freight train operated once, with a cargo value of 31.85 million yuan, and has expanded its exports from traditional daily goods to high-value, environmentally friendly products, with new energy vehicles becoming a core export category [1] Group 3: Future Projections - The South Asia freight train is expected to operate regularly in 2026, with plans to gradually expand collection points along the route, anticipating a volume increase of over 10% compared to 2025 [2]